DIABETES MONITORING DEVICES MARKET ANALYSIS

Market Challenges And Opportunities

Global Diabetes Monitoring Devices Market- Drivers

• Growing prevalence of diabetes: Growing prevalence of diabetes across the world is a major factor driving the growth of diabetes monitoring devices market. Diabetes is a chronic health condition where the body is unable to produce or properly use insulin which leads to increased blood sugar levels. Both type 1 and type 2 diabetes have seen significant rise in recent decades. According to the data by International Diabetes Federation, around 537 million adults were living with diabetes in 2021 globally which is expected to rise to 643 million by 2030 and 783 million by 2045. Such rising patient base of diabetes translates to increased demand for devices that help in monitoring blood glucose levels.
• Technological advancements in devices: Technological innovations have significantly advanced diabetes monitoring devices in recent years. Continuous glucose monitoring (CGM) systems that do not require finger pricks are becoming more mainstream, giving patients much greater convenience and insights into how food, exercise, and medications affect their blood sugar levels throughout the day and night. The adoption of CGM systems is expected to increase substantially over the next few years. For example, according to the International Diabetes Federation, 6-10% of people with diabetes use CGM globally but this are estimated to rise to 25-30% by 2025. advancement that make these devices smaller, more user friendly and affordable will be crucial to enabling more widespread use.

Global Diabetes Monitoring Devices Market- Opportunities

• Advancing research in non-invasive glucose monitoring: Advancing research in non-invasive glucose monitoring through various novel technologies can prove to be a great opportunity in diabetes monitoring devices market. Traditionally, people with diabetes have relied on finger pricks several times a day to measure their blood glucose levels. However, non-invasive methods have the potential to revolutionize diabetes management by enabling continuous glucose monitoring without the need for invasive fingersticks. Various researchers are working on technologies such as ultrasound, mid-infrared, and near-infrared spectroscopies, impedance spectroscopy, thermophoresis, and glucose oxidase to create non-invasive glucose monitors. For instance, the companies are developing continuous glucose monitors that can painlessly and accurately measure interstitial glucose levels through the skin via ultrasound technology. Similarly, spectroscopic technologies analyze the absorption of specific wavelengths of light that pass through body tissues like skin, thus enabling real-time glucose readings. Some products read the electromagnetic radiation occurring from glucose-glucose oxidase interactions to derive accurate glucose values.
• Integration of smartphones with glucose monitors: Integration of smartphones with glucose monitoring devices provides a tremendous opportunity to advance diabetes care and transform the diabetes monitoring devices market. By connecting glucose monitors to apps on smartphones, diabetics have a convenient way to track patterns in their blood sugar levels throughout the day and share this valuable data with their care teams. This helps patients better manage their condition and physicians craft more tailored treatment plans. Some studies show that use of connected glucose monitors may help improve patient outcomes. For example, research conducted by the Centers for Disease Control and Prevention in 2022, found that type 1 and 2 diabetics patients who frequently checked their blood sugar levels and saw clear data trends on their phone, were better able to control their condition over time. They experienced fewer dangerous glycemic events like dangerously low or high blood sugar, as the data connections empowered them to spot problematic patterns sooner in making timely adjustments to diet, medications or exercise levels.

Global Diabetes Monitoring Devices Market Restraints

• High cost of innovative devices: High cost of innovative diabetes monitoring devices is posing significant challenges for the growth of the diabetes monitoring devices market. Advanced devices that accurately track blood sugar levels and trends through continuous glucose monitoring have great potential to improve diabetes management. However, the cost of these state-of-the-art monitoring systems is prohibitive for many patients. Continuous glucose monitors can cost over US$500 for a 1-month supply of sensors alone, not including additional expenses like transmitters and receivers. For patients requiring lifelong management of their diabetes, the economic burden of relying on the most advanced and effective monitoring technologies is immense. This high monetary barrier negatively impacts medication adherence and control of blood sugar levels

Counterbalance: The high cost of innovative devices needs to be made affordable so that the patients needing the device management for long term, are able to afford it.

• Lack of reimbursement in developing countries: Lack of adequate reimbursement policies in developing nations is significantly hindering the growth of diabetes monitoring devices market. Due to poorly defined reimbursement frameworks, the out-of-pocket expenditure for procuring monitoring devices like blood glucose meters, insulin pumps, and continuous glucose monitoring systems is considerably high for patients in developing countries. This deters many patients from regularly using life-saving diabetes management devices due to financial constraints. According to the reports published by the International Diabetes Federation (IDF) Diabetes Atlas in 2021, over 80% of people with diabetes live in low and middle-income countries. The Diabetes Atlas also estimated that 12% of global health expenditure is spent on diabetes, and people in developing countries often face catastrophic health expenditure in managing diabetes. The high treatment costs without proper insurance coverage can impoverish families and compromise the livelihood of millions in developing nations. Lack of health cover makes it very difficult for chronic diabetes patients to afford a continued purchase of monitoring devices and supplies which they need over their lifetime to manage their disease properly.